Inseego Partners with United General Insurance to Provide its Ctrack Telematics Solutions to Help Increase Driver Safety and Lower Premiums
January 18, 2017
SAN DIEGO & JOHANNESBURG--(BUSINESS WIRE)-- Inseego Corp. (Nasdaq: INSG) - a leading global provider of software-as-a-service (SaaS) and solutions for the Internet of Things (IoT) - is pleased to announce a new partnership with one of Malawi's leading short-term insurance companies, United General Insurance Company Limited (UGI). Providing the proprietary "Pay How You Drive" usage-based insurance model through its Ctrack telematics solution—which utilizes tracking devices to gather and monitor data related to driver behavior including accidents, fuel consumption and mileage—Inseego will enable UGI to offer its customers a clear path to increased driver safety and lower insurance premiums.
"With high-performance analytics and data modeling techniques, Inseego's Ctrack offers UGI the most advanced, accurate assessment and real-time insight into driving behavior," says JW Oberholzer, Ctrack's International Channel Manager for Africa. "Unlike traditional models, Ctrack provides for an ongoing, personalized dialogue between insurers and policy holders. With communication central to influencing change, we are confident that Ctrack will transform UGI's relationship with its customers from one of necessity to one of mutual benefit."
Negligent driver behavior is one of the main causes of road-related accidents worldwide. In Malawi alone, it accounts for around 90 percent of all accidents, with speeding, fatigue and driver distraction listed as the primary causes. Insurance telematics, in particular, is increasingly being viewed as a disruptive force that will have a major impact on the auto insurance business globally over the next decade.
Backed by 30 years of experience, Inseego's Ctrack solution has kept mobile assets of consumers, small- and mid-sized businesses and large enterprises always visible - resulting in vehicle security, safer driving and more efficient fleet operations. By embracing the Ctrack insurance model, UGI will not only play a integral part in improving road safety in Malawi but also strengthen its customer relationships by rewarding attentive and responsible drivers with lower insurance premiums. With the first 1,000 units already delivered and an aggressive rollout strategy set in motion, UGI indicates the expansion of Ctrack across its entire customer base in the near future.
"Invaluable partnerships like these will provide significant added advantages to both insurance providers as well as their customers who have the Ctrack telematics device installed in their vehicles," adds Oberholzer. "The data gathered can be used to not only reduce claims loss ratios as well as minimize fraudulent claim pay-outs but also influence positive behavior behind the wheel, which ultimately pays off in reducing accidents and loss of life worldwide."
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Inseego Corp. and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Inseego Corp. undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise, except as may be required by law. These forward-looking statements also involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Inseego Corp. in general, see the risk disclosures in our Annual Report on Form 10-K for the year ended December 31, 2015, and in other subsequent filings made with the SEC by Ctrack and Inseego Corp. (available at www.sec.gov).
ABOUT INSEEGO CORP.: Inseego Corp. (Nasdaq: INSG) is a leading global provider of software-as-a-service (SaaS) and solutions for the Internet of Things (IoT). The company sells its telematics solutions under the Ctrack brand, including its fleet management, asset tracking and monitoring, stolen vehicle recovery, and usage-based insurance platforms. Inseego Corp. also sells business connectivity solutions and device management services through Novatel Wireless, Inc. and Feeney Wireless (FW). Inseego Corp. has over 30 years of experience providing customers with secure and insightful solutions and analytics, with approximately 590,000 global subscribers, including 182,000 fleet management subscribers. The company is headquartered in San Diego, California. www.inseego.com; Twitter @inseego.
ABOUT UNITED GENERAL INSURANCE: United General Insurance Company is one of Malawi's leading short term/general insurance companies and has been operating in Malawi for over 40 years. UGI shareholders include NicozDiamond Insurance (NDI), National Bank of Malawi (NBM) and ZIMRE Holdings Limited (ZHL). UGI's efficient and effective underwriting and claims processes are characterized by its focus on the needs of its clients to define the products it offers. UGI's head office is located in Blantyre and has branch offices in Blantyre, Lilongwe and Mzuzu.
Source: Inseego Corp.
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